But the real driving force behind Agoric’s success story is its native token, BLD. In this deep dive, we’ll uncover the inner workings of BLD, explore its role within the Agoric ecosystem, and understand why it’s capturing the crypto community’s attention.
Agoric’s ecosystem revolves around two key tokens: IST, a stablecoin, and BLD, the staking token. IST holds a pivotal role as an Inter-Blockchain Communication (IBC)-enabled stable currency, aiming to maintain parity with the USD. It serves as the primary fee token for the Agoric chain’s services, extends its utility across the entire IBC network, and supports cross-chain activities.
On the other hand, BLD takes on a significant role in enhancing the Agoric ecosystem’s economic activities. It serves as a staking token, requiring users to lock up their BLD tokens to validate transactions on the Proof-of-Stake (PoS) blockchain. By doing so, the network maintains its integrity and remains secure against malicious attacks.
BLD token holders also have sovereign governance over the IST, allowing them to influence its direction and policies.
As a staking token, it plays a crucial part in fortifying the Agoric ecosystem’s overall security. As the Proof-of-Stake (PoS) blockchain requires users to lock up BLD tokens to validate transactions, the network’s security strengthens in proportion to the level of economic activity. This means that, as economic activity within the network increases, more BLD tokens are locked up, and the better the Agoric network’s security. Beyond security, the BLD token also facilitates internal transactions and governance.
The Agoric ecosystem pulses with activity, with recent announcements such as the launch of Mainnet 2 and the introduction of the Inter protocol. Inter Protocol, a newly launched Agoric-built app, brings fresh innovation to the ecosystem. Furthermore, Inter Protocol’s stable token, IST, designed to parallel the USD and boast IBC compatibility, holds immense importance for the Agoric ecosystem and the broader Cosmos network.
The launch of the IST and the Parity Stability Module (PSM) allows anyone to mint IST using USDC or USDT bridged over Axelar or the Gravity Bridge.
Several noteworthy projects have launched on Agoric’s Mainnet 2, offering faster, more predictable, and accessible Web3 services. Some of these projects include:
2. KREAd: A platform empowering users to craft and mint their NFT characters.
3. LH2 Staking: An innovative liquid staking project focused on enhancing the decentralization and resilience of the Agoric network.
4. QuickWork: A comprehensive platform offering contract-based tools for startups, including the flexibility to hire developers on a project basis.
5. Crabble: A unique marketplace catering to NFT owners, enabling them to maximize their earnings by renting out their NFT utilities.
Launched in 2021, BLD has made a significant mark, with a current market rank of #365 on Coingecko. At the time of writing, it’s valued at $0.098122, with a trading volume of $347,572 and a market cap of $60.2M.
It reached an all-time high of $0.7487 on August 30, 2022, with future predictions indicating a price range between $0.34 and $0.39, averaging around $0.36 by December 2023. Investors and enthusiasts are optimistic about the continued growth and success of the BLD token.
Investors interested in the BLD token can acquire it from various cryptocurrency exchanges, including CoinEx, Huobi, Osmosis, Crescent, and Coinlist, as it offers an opportunity to engage with the growing DeFi market.